NEW DELHI (Diya TV) — Billionaire entrepreneur Elon Musk is gearing up to finalize Tesla’s entry into the Indian market this month. Speculation has been rife since Musk announced his upcoming visit to India and expressed eagerness to meet Prime Minister Narendra Modi.
In a post on X, Musk wrote, “Looking forward to meeting with Prime Minister @NarendraModi in India!” While there’s been no official confirmation regarding Tesla’s debut in India, Musk has consistently shown interest in expanding the company’s electric vehicle (EV) market to the country, especially amid India’s significant push towards EV adoption.
During an X Spaces session, Musk hinted at Tesla’s potential expansion in India, emphasizing the country’s need to boost electric car production akin to other nations. He indicated that it would be a natural progression for Tesla to introduce its electric vehicles in India.
Sources cited by ANI suggest that Musk might make a significant announcement regarding Tesla’s first plant in India during his visit. Scheduled to meet Prime Minister Modi on April 22 in New Delhi, Musk is expected to unveil details of Tesla’s plans for the Indian market.
Although the final agenda of Musk’s India trip remains undisclosed, earlier reports indicated that Tesla officials were scouting potential manufacturing plant sites in India. States like Gujarat and Maharashtra have reportedly offered land incentives to Tesla for setting up its inaugural plant in the country.
India’s new EV policy proposes incentives for manufacturing units, including a minimum investment threshold of ₹4150 crore (USD 500 million) and a focus on domestic value addition. Manufacturers are encouraged to source at least 25% of vehicle parts domestically by the third year of operation.
Musk’s visit aligns with India’s ongoing elections, starting April 19, where Modi’s party is anticipated to secure a third term. A potential Tesla investment announcement during the elections could bolster Modi’s pro-business reputation, as he seeks to attract foreign investments and bolster manufacturing in India.
Musk’s visit underscores Tesla’s efforts to penetrate emerging markets like India, as the company faces challenges in its traditional markets of the US and China. Tesla’s foray into India comes at a time when the country’s economy is surging, showcasing significant growth potential for the EV market.
Elon Musk’s forthcoming visit to India signals a pivotal moment for Tesla’s global expansion strategy, reflecting the company’s ambitions to tap into India’s burgeoning EV market and contribute to the country’s sustainable mobility goals.
